Legal Question in Business Law in California
business
am I responsible for my deceased husbands businnesline account balance if I am not on any of the paperwork.
1 Answer from Attorneys
Re: business
Yes......"paperwork" has nothing to do with it. The debts of a spouse are also the debts of the other spouse under community property rules in California, see Family Code section 910 for example.
If the business is a partnership, you need legal advice to determine wheter the partnership's liabilities are shared among the partners - the possibility that these are partnership debts rather that personal debts may mean others must shoulder some of the load. Also, be darn sure that as the heir to a possibly valuable partnership interest that you are asserting ALL your rights to be bought out at current appraisal.
In other words, you have asked about the negative and gloomy side; your are liable for your deceased husband's personal business debts as thought they were your own, but you are also entitled to be cashed out of any partnership at appraised value, and to have all partners shoulder their shares of business debts that are those of the partnership, and not individual debts.
Related Questions & Answers
-
Sales of prepackaged food items in farmers markets When trying to get in local... Asked 5/15/09, 2:42 pm in United States California Business Law
-
Protection for loan repayment ok This person started a LLC business with 3... Asked 5/14/09, 4:49 am in United States California Business Law